Inflation, Raising Hope and Interest Rate
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UK inflation heat puts Bank of England
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UK inflation rose unexpectedly in July, led by energy and airfares, but core pressures remain nuanced. Markets signal BoE may pause in September.
Consumer prices were up 2.7% in July from a year earlier, unchanged from June’s gain
Massive downward revisions in July's jobs report last week fueled concerns that the labor market is softening too quickly, strengthening the case for rate cuts. But the hotter-than-anticipated inflation data could suggest the need for more restraint.
Governor Kathy Hochul has said New Yorkers will receive inflation rebate checks of up to $400 this fall despite proposed federal budget cuts that reduced aid to the state.
The U.K.'s annual inflation rate hit a hotter-than-expected 3.8%in July, according to data released by the Office for National Statistics (ONS) on Wednesday.
South Africa's headline consumer inflation rose to 3.5% year-on-year in July from 3.0% in June, in line with economists' expectations.
The cost of food and non-alcoholic beverages rose 4.9% in the year to July, up from 4.5% in the year to June. It was the fourth month in a row in which food and drink inflation had risen, bringing prices to their highest since February 2024.
The Bureau of Labor Statistics reported the producer price index jumped more than expected in July, spurring renewed concerns about inflation's economic impact.